Is the massive use of cryptocurrencies free from risk? Or are we invited to the biggest digital bubble doomsday?

Written by Rossana Naveda

A new way of investment had attracted multiple players in the Commercial, development and investment fields of Internet, who love to try the new formats, trends, and forma of lifestyle, where people share the same values in this community. However, sometimes, only sometimes, even when I am a believer to use and understand Darwinism as part of their mindset thinking all new technologies and products would and could make our life better and easier but we usually forgot to think in the negative consequences. I know I know Millennial generation is all about Love, positivism, a different approach to life but we couldn’t ignore that Technology, Science and they way we use it could have a negative side in some parts.

We can explain a little about the cryptocurrencies and how  we can use them to satisfy our need to pay less money to the regular Bank system. I love what Bjork is doing at the moment offering her new album to people who can pay in a different way than regular. A contact from Melbourne explained a little bit about the company he has been using to manage his money, which he is interested to offer his recommendations.

Benefits of cryptocurrencies 

In a whole room it is possible not everyone would have ever  use  a digital currency like Bitcoin. Explaining the process is not so easy but it is necessary to show you how transactions works, sometimes, the experts like Andreas Antonopoulos believe it is better to do it for learning rather than having a long talk fulfilled with multiple long words and jargon from any expert in Economics or IT, who can provide details about this mainstream topic as part of the blockchange technology, which is trying to change our concept of how using money with some aspects similar from the Historical use and approach to money until the modern Banking System, as well as, finding ways to develop a potential transformation which left behind all the vices from the system, for example, being able of controlling your own money everywhere you are without having the representation of any previous trustworthy entity like common National Banks, Local banks, or Stock exchange rules, however, it looks like the rules of the last institution still play an important role in the dynamic and conception of using money in a Cryptocurrency platform or other similar exercises in the digital landscape.

The only real threat is prosumers lost their faith in the system or any Government decide to end with this modern digital “Cayman Island”. The play looks amazing and entertaining but as we see it keeps growing, as well as, the experts, investors, promoters, geeky users, entrepreneurs, and interested individuals in applying their time, knowledge and money in this field, where they had been giving their faith and efforts for the next 5 to 10 years. Even brokers are now getting into advertise the benefits of promoting this kind of investment for a bigger audience. Now, almost everyone including myself want to know more but for what I discovered by now, the negative aspect is not having enough knowledge or expertise in IT, which made people don’t trust easily to use their money in an asset they cannot understand properly. And one advice from the most old school for investing money is “Don’t invest in something you don’t understand.”

Another issue is how this entropy is not going to finish broken. I don’t believe National Banks would be interested to see how their clients disappear massively, which implied at some point, no matter bitcoins had a limited production. The institutions are going to put pressure or they are going to ask for establishing a control over these currencies. If it doesn’t  happen with institutions, it will happen with prosumers after any kind of massive cyber attack because hackers are hackers and those bastards love to find a good challenge, especially, if you had money involved, which sooner or later would attract the attention of insurance service companies. Trust me the most we talk about the topic, the most is not going to be nerd money but a progressive different level of banking because nobody wants to lose their money.

Andreas Antonopoulos, an expert in bitcoin educated in IT, who explained how the topic of Bitcoin captured his attention, particularly, when he was discovering more and more how the users will play in the platform controlling their digital wallets and being able to transfer money to different parts of the world. However, he keeps consistency in his approach to one of the most relevant values of cryptocurrency, it should be a complete independent system from Government service, in his dialogue he expose clearly how he mentioned some countries where it wouldn’t be possible to apply the system for all the country without being a little bit panicked.

This is the best description he offered: “Bitcoin is not money, it is a system of currency, a platform of trust, it is not a company, not a product, not a service your sign up for. It is not a currency, currency it is just a first application, it is the concept of decentralization to the human communication of value.”

Money is an imaginary concept use since the ancient times. At the beginning with involved in an oral tradition, where salt, gold, nuts, stones,grains, were used as money. Money exists even before paper. Then we have precious medals, paper money, plastic money and finally, network money. He is right in almost everything but I still believe he is explaining his position from a prosumer, creator, and expert who loved scientific change over human behaviour. I do too but we all need to remember that banking and governments, sometimes, are not so open or lovers of change. And also, to establish this system as the new establishment we are going to need to educate highly specialized in IT prosumers, it could happen but I am not sure if it is going to be in the next five years, however, I want to get a wallet now. As concept is excellent, don’t get me wrong but historically we had seen a lot of things crashed from an exceptional and amazing beginning, which is not necessarily bad always but banking as business control and observe under the rules of the digital context wouldn’t work so adjust to normal expectations, I guess. Who didn’t remember Napster, did you?

In Australia 

I talked to Justin Bradley, who is an enthusiastic user of the platform CoinSpot, he mentioned another one named Coinbase here in Australia. For him the most important is learning a lot about the topic to have an effective control over your cryptocurrency especially, when you need to think of safety measures without all the process and infrastructure provide by a financial institution. In his opinion having absolute control over your money will make you spend more time understanding all the details and even information you wouldn’t imagined necessary in the regular banking system.

By doing research and educating yourself (you sound intelligent) Crypto currencies will be as safe as the person who controls it. If you want an account you only need to

  • Open a digital wallet like Coinbase, or Coinspot (Bitcoin, Litecoin, Dogecoin and more.)
  • Link it to your bank account, so you can fund the purchase of crypto currencies.
  • Set up a separate bank account linked to the digital wallet for safety so that you don’t have large amounts in your bank account linked to crypto currency digital wallet. (For security reasons.)
  • Once you have a linked account, you can fund the digital wallet and then purchase Crypto through Coinspot.
Justin Bradley
Coinspot is based in Australia, easy to set up and I have used it.
My formal education is in accounting and marketing. I am a real estate agent in Melbourne specialising in Hawthorn, Camberwell, Canterbury, Kew area.

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Journalist. Student of Global Media Communication. Interested in Politics, Economy, Social Media, Technology. Feminist. Like walking, talking and swimming.

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